Property
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A person who carries on a financial services business in Australia is required to hold an Australian financial services licence issued by the Australian Securities and Investments Commission (ASIC) under the Corporations Act 2001 (Cth), unless an exemption applies.
This requirement applies to banks, life and general insurers, trustees of APRA-regulated superannuation funds, trustees of managed investment schemes (retail and wholesale), operators of discretionary mutual funds, investment managers, administrators, financial advisers and others.
We have been undertaking this work since the current regime commenced in 2002.
Licensing and registration
We act for clients on original applications for an Australian financial services licence and on applications to vary a licence. We advise on the exemptions to the requirement to hold a licence.
This includes registration of retail managed investment schemes with ASIC.
Financial services disclosure
Our lawyers have drafted and reviewed many Financial Services Guides and Statements of Advice.
Product disclosure
We have drafted and reviewed many Information Memoranda, Product Disclosure Statements (including material incorporated by reference), significant event notices (SENs), periodic statements and website disclosures. It is important to understand when these documents are highly regulated and when the application of some onerous regulation may be avoided.
Conduct obligations
We have advised extensively on licensees' obligations under the Corporations Act, including the obligation to provide the financial services "efficiently, honestly and fairly", the obligation to comply with the financial services laws, and the obligation to ensure that the licensee's representatives are adequately trained, and are competent, to provide the financial services. We advise on the requirements to give a General Advice Warning or a PDS warning and review promotional material and telephone scripts. Our team also advise on the prohibitions against misleading or deceptive conduct and unconscionable conduct in the Corporations Act and the Australian Securities and Investments Commission Act 2001 (Cth).
Distribution
We have drafted and reviewed many authorised representative and other distribution agreements.
Investment management agreements
Acting for both investors and fund managers, we have reviewed many investment management agreements, asset consultant agreements, custody agreements and administration agreements.
ASIC notices
Our lawyers assist clients to respond to ASIC notices for the production of documents and the provision of information.
Our experience and judgment, based on repeat matters developed over time and working with the team and the regulator mean we are well positioned to minimise negative consequences.
Breach reporting
We have advised extensively on breach reporting to ASIC both under the current breach reporting regime which commenced on 1 October 2021 and under the previous breach reporting regime.
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Built around principle of quality and value.
George Hodson
Nicholas Antonas
Stanley Drummond
Paul Tanti
Cameron White
Chloe Robinson
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About us
Thomson Geer acknowledges the Traditional Custodians of Country throughout Australia and their connections to land, sea and community. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today.